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MTR Corp Ltd
MTR Corp Ltd

MTR Corp Ltd (MTRCN)

Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
COND
PRCD
MTRCN
MTR Corp Ltd€3,000
3APAC
Jun 3, 2026
currency
EUR
size (m)
1,000.000
maturity
Jun 10, 2034
type
Fixed
tenor
8.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Aa3
s&p
AA+
fitch
-
size description
-
re-open/tap
No
ipt
MS+65 area
ipt-pxd
-32
guidance
n/a - straight to launch
spread
33
coupon
3.25%
spread set
-
price
99.50100
yield
3.322%
book size (m)
2,600
peak book (m)
4,000
x-covered
2.6
book attrition
-35.00%
nic
-
billing & delivering
HSB
active leads
BNP,CAG,DEU,HSB,...
joint leads
BAM,BOC,BRC,CTI,...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,600
peak book (m)
4,000
x-covered
2.6
book attrition
-35.00%
nic
-
billing & delivering
HSB
active leads
BNP,CAG,DEU,HSB,...
joint leads
BAM,BOC,BRC,CTI,...
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
1,000.000
maturity
Jun 10, 2038
type
Fixed
tenor
12.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Aa3
s&p
AA+
fitch
-
size description
-
re-open/tap
No
ipt
MS+90 area
ipt-pxd
-30
guidance
n/a - straight to launch
spread
60
coupon
3.625%
spread set
-
price
98.86600
yield
3.744%
book size (m)
2,200
peak book (m)
3,100
x-covered
2.2
book attrition
-29.03%
nic
-
billing & delivering
HSB
active leads
BNP,CAG,DEU,HSB,...
joint leads
BAM,BOC,BRC,CTI,...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,200
peak book (m)
3,100
x-covered
2.2
book attrition
-29.03%
nic
-
billing & delivering
HSB
active leads
BNP,CAG,DEU,HSB,...
joint leads
BAM,BOC,BRC,CTI,...
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
1,000.000
maturity
Jun 10, 2046
type
Fixed
tenor
20.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Aa3
s&p
AA+
fitch
-
size description
-
re-open/tap
No
ipt
MS+125 area
ipt-pxd
-30
guidance
n/a - straight to launch
spread
95
coupon
4.125%
spread set
-
price
98.70700
yield
4.222%
book size (m)
2,400
peak book (m)
3,100
x-covered
2.4
book attrition
-22.58%
nic
-
billing & delivering
HSB
active leads
BNP,CAG,DEU,HSB,...
joint leads
BAM,BOC,BRC,CTI,...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,400
peak book (m)
3,100
x-covered
2.4
book attrition
-22.58%
nic
-
billing & delivering
HSB
active leads
BNP,CAG,DEU,HSB,...
joint leads
BAM,BOC,BRC,CTI,...
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2600; Registration: Reg S Only; Comments: + 38.8bps vs DBR 2.2 02/15/34 (95.00/ 2.934%); Book size: 2200; Registration: Reg S Only; Comments: + 50.3 bps vs DBR 1 05/15/38 (78.10/3.241% ); Book size: 2400; Registration: Reg S Only; Comments: + 71.1bps vs DBR 3.4 05/15/2047 (98.34 / 3.511%);
Deal Comments
UPDATE: Combined books >€9bn (incl. €940m JLMs). UPDATE: Spread set 8y: at MS+33; 12y: at MS+60; 20y: at MS+95
Use of Proceeds
To fund or refinance, in whole or in part, eligible green investments as set out in section 4 of the MTR Sustainable Finance Framework
Relative Value

COMPS

Bond

ESG

Issuer

Ratings

Tenor

Amount (€m)

Bid (i+)

HKINTL 3 1/8 06/10/33

GREEN

Hong Kong

NR / AA+ / AA-

7.0Y

1000

9

HKINTL 3 05/14/34

GREEN

Hong Kong

Aa3 / AA+ / AA-

8.0Y

750

17

HKINTL 1 11/24/41

GREEN

Hong Kong

NR / AA+ / AA-

15.5Y

500

53

EU 3 1/8 10/12/33

 

European Union

Aaa / AA+ / NR

7.4Y

6000

20

EU 3 12/04/34

 

European Union

Aaa / AA+ / AAA

8.5Y

21909

24

EU 3 3/8 12/12/35

 

European Union

Aaa / AA+ / AAA

9.6Y

19692

30

EU 3 1/4 12/12/36

 

European Union

Aaa / AA+ / AAA

10.6Y

11579

37

EU 2 3/4 12/04/37

SOCIAL

European Union

Aaa / AA+ / AAA

11.5Y

6548

43

EU 3 3/8 10/04/38

 

European Union

Aaa / AA+ / AAA

12.4Y

19536

47

EU 3 5/8 12/12/40

 

European Union

Aaa / AA+ / AAA

14.6Y

7964

57

EU 4 10/12/46

 

European Union

Aaa / AA+ / AAA

20.4Y

6000

76

DBHNGR 3 1/4 05/19/33

 

Deutsche Bahn Ag

Aa1 / AA+ / NR

7.0Y

600

32

DBHNGR 1 3/8 03/03/34

 

Deutsche Bahn Ag

Aa1 / AA+ / AA+u

7.8Y

750

49

DBHNGR 3 3/8 04/24/34

 

Deutsche Bahn Ag

Aa1 / AA+ / NR

7.9Y

500

31

DBHNGR 0 3/4 07/16/35

 

Deutsche Bahn Ag

Aa1 / AA+ / AA+u

9.1Y

500

51

DBHNGR 0 5/8 04/15/36

 

Deutsche Bahn Ag

Aa1 / AA+ / AA+u

9.9Y

1000

54

DBHNGR 3 5/8 12/18/37

 

Deutsche Bahn Ag

Aa1 / AA+ / NR

11.6Y

750

56

DBHNGR 3 3/8 01/29/38

 

Deutsche Bahn Ag

Aa1 / AA+ / NR

11.7Y

500

66

DBHNGR 0 7/8 06/23/39

 

Deutsche Bahn Ag

Aa1 / AA+ / AA+u

13.1Y

650

65

DBHNGR 1 3/8 04/16/40

 

Deutsche Bahn Ag

Aa1 / AA+ / AA+u

13.9Y

750

67

DBHNGR 3 7/8 10/13/42

 

Deutsche Bahn Ag

Aa1 / AA+ / NR

16.4Y

500

70

DBHNGR 4 11/23/43

 

Deutsche Bahn Ag

Aa1 / AA+ / NR

17.5Y

650

76

DSBTOG 3 1/8 09/04/34

GREEN

Dsb

Aa1 / NR / NR

8.3Y

500

47

DSBTOG 3 5/8 04/22/36

GREEN

Dsb

Aa1 / NR / NR

9.9Y

500

57

NESNVX 3 09/23/33

 

Nestle Finance Intl Ltd

Aa3 / AA- / NR

7.3Y

600

36

NESNVX 3 1/2 09/23/38

 

Nestle Finance Intl Ltd

Aa3 / AA- / NR

12.3Y

500

66

NESNVX 3 1/2 01/14/45

 

Nestle Finance Intl Ltd

Aa3 / AA- / WD

18.7Y

500

84

 

 

 

 

 

 

 

NOVNVX 3.1 01/13/32

 

Novartis Finance Sa

Aa3 / AA- / NR

5.6Y

600

35

NOVNVX 3 1/2 05/13/35

 

Novartis Finance Sa

Aa3 / AA- / NR

9.0Y

600

52

USD comparable levels , pre-announcement, bid side vs G-sprd

Bond

ESG

Issuer

Ratings

Tenor

Amount ($m)

Bid (g+)

HKINTL 4 1/8 06/10/30

GREEN

Hong Kong

NR / AA+ / AA-

4.0Y

1000

6

HKINTL 1 3/8 02/02/31

GREEN

Hong Kong

Aa3u / AA+ / AA-

4.7Y

1000

2

HKINTL 4 05/14/31

 

Hong Kong

Aa3 / AA+ / AA-

5.0Y

500

-6

HKINTL 1 3/4 11/24/31

GREEN

Hong Kong

NR / AA+ / AA-

5.5Y

1000

2

HKINTL 4 5/8 01/11/33

GREEN

Hong Kong

Aa3u / AA+ / AA-

6.6Y

1000

19

HKINTL 4 06/07/33

GREEN

Hong Kong

Aa3u / AA+ / AA-

7.0Y

1000

16

MTRC 1 5/8 08/19/30

GREEN

Mtr Corp Ltd

Aa3 / AA+ / NR

4.2Y

1200

13

MTRC 4 7/8 04/01/35

 

Mtr Corp Ltd

Aa3 / AA+ / NR

8.9Y

1000

13

NESNVX 4.2 03/18/31

 

Nestle Capital Corp

Aa3 / AA- / NR

4.8Y

750

38

NESNVX 4 1/2 03/18/33

 

Nestle Capital Corp

Aa3 / AA- / NR

6.8Y

500

49

NESNVX 4 7/8 03/12/34

 

Nestle Capital Corp

Aa3 / AA- / NR

7.8Y

800

50

NESNVX 4.8 03/18/36

 

Nestle Capital Corp

Aa3 / AA- / NR

9.8Y

750

54

NESNVX 2 1/2 09/14/41

 

Nestle Holdings Inc

Aa3 / AA- / WD

15.3Y

500

65

NOVNVX 4.6 03/18/33

 

Novartis Capital Corp

Aa3 / AA- / NR

6.8Y

2000

50

NOVNVX 4.2 09/18/34

 

Novartis Capital Corp

Aa3 / AA- / WD

8.3Y

1100

43

NOVNVX 4.6 11/05/35

 

Novartis Capital Corp

Aa3 / AA- / NR

9.5Y

925

54

NOVNVX 4.9 03/18/36

 

Novartis Capital Corp

Aa3 / AA- / NR

9.8Y

2250

57

NOVNVX 5.6 03/18/46

 

Novartis Capital Corp

Aa3 / AA- / NR

19.8Y

1000

60

Hide Details

Commentary

All Commentary
CreditFlow: End of Day (Europe IG)Jun 3, 2026
1 to 1 of 1

Deal Flow

All Deal Flow
PRICED: MTR Corporation €3bn 3-part Green Sr Unsec; MS+33, MS+60 & MS+95Jun 3, 2026
ALLOCATIONS OUT: MTR Corporation €3bn 8yr, 12yr & 20yr Sr Unsec Green; MS+33, MS+60 & MS+95Jun 3, 2026
LAUNCHED: MTR Corporation €3bn 8yr, 12yr & 20yr Sr Unsec Green; MS+33, MS+60 & MS+95Jun 3, 2026
UPDATE: MTR Corporation € bmk 8yr, 12yr & 20yr Sr Unsec Green; Spread set at MS+33, MS+60 & MS+95Jun 3, 2026
UPDATE (BOOKS): MTR Corporation € bmk 8yr, 12yr & 20yr Sr Unsec Green; MS+65a & MS+90a & MS+125aJun 3, 2026
NEW ISSUE: MTR Corporation € bmk 8yr, 12yr & 20yr Sr Unsec Green; MS+65a & MS+90a & MS+125aJun 3, 2026
MANDATE: MTR Corporation Inv Calls; Reg S € bmk 8yr, 12yr & 20yr Sr Unsec Green Offering May FollowMay 26, 2026
1 to 7 of 7
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Pricing
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